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Tight Supply Driving Prompt Spreads

OIL

Brent ticking higher but still net down on the week from a close of 113.12$/bbl last Friday. The WTI-Brent spread continues to drift lower as the risk of a US recession is impacting WTI more than Brent.

  • Brent AUG 22 up 1.5% at 111.75$/bbl
  • WTI AUG 22 up 1.6% at 105.92$/bbl
  • Gasoil JUL 22 up 0.1% at 1291.25$/mt
  • WTI-Brent down -0.08$/bbl at -5.8$/bbl

Tight near-term supply is driving the prompt time spreads even higher today despite the weakness in the outright crude prices. Brent 1-2 is trading at the highest since late May. Longer term spreads are following the trend from the flat price crude market and recovering some of the weekly losses.

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Brent ticking higher but still net down on the week from a close of 113.12$/bbl last Friday. The WTI-Brent spread continues to drift lower as the risk of a US recession is impacting WTI more than Brent.

  • Brent AUG 22 up 1.5% at 111.75$/bbl
  • WTI AUG 22 up 1.6% at 105.92$/bbl
  • Gasoil JUL 22 up 0.1% at 1291.25$/mt
  • WTI-Brent down -0.08$/bbl at -5.8$/bbl

Tight near-term supply is driving the prompt time spreads even higher today despite the weakness in the outright crude prices. Brent 1-2 is trading at the highest since late May. Longer term spreads are following the trend from the flat price crude market and recovering some of the weekly losses.

Keep reading...Show less